MGM Growth Properties LLC (MGP) Expected to Post Earnings of $0.40 Per Share
Brokerages predict that MGM Growth Properties LLC (NYSE:MGP) will report $0.40 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have provided estimates for MGM Growth Properties’ earnings, with estimates ranging from $0.21 to $0.50. MGM Growth Properties reported earnings of $0.18 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 122.2%. The business is expected to report its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that MGM Growth Properties will report full year earnings of $1.66 per share for the current fiscal year, with EPS estimates ranging from $0.80 to $2.00. For the next fiscal year, analysts anticipate that the business will post earnings of $1.79 per share, with EPS estimates ranging from $0.96 to $2.18. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that cover MGM Growth Properties.
MGM Growth Properties (NYSE:MGP) last announced its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.32). MGM Growth Properties had a return on equity of 0.81% and a net margin of 6.21%. The business had revenue of $184.45 million for the quarter, compared to analysts’ expectations of $184.43 million. During the same quarter last year, the firm earned $0.32 earnings per share. The firm’s quarterly revenue was up 66.3% compared to the same quarter last year.
Several brokerages have issued reports on MGP. Bank of America Corporation reaffirmed a “buy” rating and set a $34.00 price objective (up previously from $32.00) on shares of MGM Growth Properties in a report on Friday, September 8th. Zacks Investment Research raised MGM Growth Properties from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Thursday, September 7th. UBS AG reaffirmed a “buy” rating and set a $33.00 price objective (up previously from $30.00) on shares of MGM Growth Properties in a report on Wednesday, September 6th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of MGM Growth Properties in a report on Thursday, August 10th. Finally, Barclays PLC reaffirmed a “buy” rating and set a $33.00 price objective on shares of MGM Growth Properties in a report on Friday, August 11th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.86.
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Shares of MGM Growth Properties (NYSE MGP) traded up 0.37% on Wednesday, reaching $29.92. The company had a trading volume of 17,482 shares. The firm has a market capitalization of $1.73 billion, a PE ratio of 38.36 and a beta of -1.34. MGM Growth Properties has a 12 month low of $23.63 and a 12 month high of $31.83. The firm’s 50 day moving average is $30.51 and its 200 day moving average is $30.51.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a dividend yield of 5.30%. The ex-dividend date of this dividend is Thursday, September 28th. MGM Growth Properties’s payout ratio is 205.20%.
Hedge funds have recently modified their holdings of the business. Fifth Third Bancorp purchased a new position in shares of MGM Growth Properties during the first quarter worth about $139,000. BB&T Securities LLC purchased a new position in shares of MGM Growth Properties during the second quarter worth about $210,000. Bray Capital Advisors purchased a new position in shares of MGM Growth Properties during the second quarter worth about $213,000. SG Americas Securities LLC purchased a new position in shares of MGM Growth Properties during the first quarter worth about $248,000. Finally, M&R Capital Management Inc. grew its holdings in shares of MGM Growth Properties by 8.5% during the second quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 680 shares during the last quarter. 86.74% of the stock is currently owned by institutional investors.
MGM Growth Properties Company Profile
MGM Growth Properties LLC is a real estate investment trust engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts, whose amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. Its portfolio consists of approximately 10 destination resorts.
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